Author: Caroline Muriuki

The United Nations will invest a total of $106 million in the social and economic projects of Angola until 2021.

The outgoing UN resident coordinator in Angola, Paolo Balladelli said the organization intends to invest $53 million per year.

He said that Angola needs billions of dollars to solve major problems and the UN will continue to support. He said that funds will help implement academic, government and civil society programmes.

Mr Balladelli also added that the UN agencies are promoting various initiatives to support Angolan government in social and economic areas with a focus on projects supporting the fight against COVID-19  and prevention programme.

The UN official praised the Government of Angola for putting in place measures to prevent and combat the COVID-19 pandemic, most importantly the timely adoption of the State of Emergency, which allowed the postponement of the spread of the new coronavirus and prepare material …

The I&M Bank Foundation and the Kenya Community Development Foundation (KCDF) signed a Ksh 50 million partnership deal for the conservation of the environment.

The partnership aims at introducing the culture and practice of environmental awareness and conservation amongst children and youths in 172 learning institutions including primary, secondary and vocational in four sub-counties in Narok and Kilifi counties.

The partnership will target water catchment communities and is expected to benefit over 5,000 households in the two counties.

“At the Foundation, we have identified the challenges undermining efforts in protecting and restoring natural and sustainable environments in the country. We realise and appreciate that sustainable environments play a critical role in achieving the country’s economic growth plans, therefore we have set up inclusive and measurable programmes and interventions to address these challenges.” Said Sarit Raja-Shah, Trustee, I&M Bank Foundation.

“The partnership with our able partners KCDF, that we are rolling …

The African Development Bank approved a grant of $27.4 to boost the efforts of the African Union (AU) to mobilize continental response to curb the spread of COVID-19 pandemic.

“With this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal that collectively, the continent can address the pandemic in Africa, which is straining health systems and causing unprecedented socio-economic impacts on the continent.” Said Akinwumi Adesina, African Development Bank President after the approval of the funds.

About $26.03 million of the grant will help strengthen the institutional capacity of the Africa Centres for Disease Control and Prevention (Africa CDC) to respond to public health emergencies across the continent. The remaining balance of about $1.37 million will be a contribution to the AU COVID-19 Response Fund.

The two grants are from the bank’s African …

The African Development Bank approved a grant worth $69 million to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact.

The grant is from the African Development Fund (ADF) a concessional arm of the African Development Bank.

The grant will provide fiscal budget support to finance the national COVID-19 Emergency Preparedness and Response Plan and Coronavirus Alleviation Program in Ghana.

The funds will specifically help upgrade the capacity of healthcare facilities to isolate, diagnose and care for the patient and provide more pharmaceuticals, test kits, equipment and beds. It will also support financial incentives and an insurance package for health and allied professionals as well as ensure adequate personal protective equipment (PPE) for health workers.

“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting …

The African Development Bank (AFDB) approved grants worth $25 million to Somalia to boost its national budget efforts to mitigate the national and regional impacts of the pandemic.

The grants comprised of $15.06 million grant from the Regional Operations Envelope and a $10.04 million grant from Pillar 1 of the Bank’s Transition Support Facility which is under the bank’s COVID-19 Response Facility.

“It is the first time the Bank is leveraging the Regional Operation Envelope resources for a Budget Support Operation. This approach was pertinent to ensure that Somalia has adequate resources to contain the spread of the disease in its territory and limit cross-border impacts that pose serious risks for health, social and economic development for the Horn of Africa sub-region,” said Nnenna Nwabufo the Acting Bank Director General for East Africa.

The grant will be used to carry out three interlinked responses to the COVID-19 pandemic that will …

Export-Import (EXIM) bank United States said it is in the process of providing  $4.7 billion in financing the liquefied natural gas (LNG) project in Mozambique.

Exim Bank United States fund is the largest commitment given by any lender towards the priciest hydrocarbon development in Africa.

The 13 Million Tonnes Per Annum LNG project will cost $20 billion to develop but Total which is in charge of the project is borrowing $14 billion from 28 financiers.

EXIM bank is one of eight Export Credit Agencies financing the project include Japan Bank for International Corporation (JBIC), Nippon Export and Investment Insurance (NEXI), UK Export Finance (UKEF), Servizi Assicurativi del Commercio Estero of Italy (SACE), Export Credit Insurance Corporation of South Africa (ECIC), Atradius Dutch State Business (Atradius) and Export-Import Bank of Thailand (EXIM Thailand).

There are 19 commercial banks financing the project in which Standard Bank of South Africa, is leading with …

The International Monetary Fund (IMF) executive board approved $4.3 billion requests for emergency financial from South Africa to address the challenging health situation and severe economic impact of the COVID-19 shock.

The funds are under the Rapid Financing Instrument (RFI) which aims at meeting the urgent balance of payment (BOP) needs stemming from COVID-19 pandemic outbreak, limit regional spillovers and catalyze additional financing from other international financial institutions.

The outbreak of the pandemic has led to a sharp economic contraction and significant financing need in South Africa.

Over the last decade, economic activity in the country has weakened despite government spending, this has resulted in increased poverty, unemployment and income inequality.

“South Africa’s economy has been severely hit by the COVID-19 crisis, reporting the highest number of cases in sub-Saharan Africa. A deep economic recession is unfolding as the decline in domestic activity and disruptions in the global supply chain …

Egypt sees a 3.2 per cent increase in its total exports to the world trade organisations member countries in 2019.

The export increased to $29.8  billion in 2019 compared to the $28.9 billion recorded in 2018. The statistics came in the Annual Bulletin of Intraregional Trade Groups 2019 by the Central Agency for Public Mobilization and Statistics (CAPMAS).

CAPMAS report covers intraregional trade organisations in which Egypt is a member state. These include the Community of Sahel-Saharan States, COMESA, the United Nations Economic and Social Commission for Western Asia (ESCWA), the Arab Free Trade Area, the Group of 15 and the Developing Eight Islamic Countries Group (D-8).

According to the report, in 2019, Egypt recorded the largest amount of export to the Arab Free Trade Area with $10.1billion compared to $9.5 billion in 2018, an increase of 5.9 per cent. It was followed by Egypt’s export to United Nations Economic …

The European Union commission is giving €64.7 million in its humanitarian aid for countries in the southern Africa region.

The funds are to help support people in need dealing with the coronavirus pandemic, extreme weather conditions such as persistent drought and other crises in the region.

“The EU is helping to provide life-saving assistance to impoverished households suffering from crop and livestock losses due to drought. The aid package will also strengthen the preparation and response to the coronavirus pandemic for countries in the region. In parallel, the EU is helping communities better prepare for natural hazards and reduce their impact.”  Said Janez Lenarčič, Commissioner for Crisis Management.

Funds from this package will go towards humanitarian projects with Botswana getting €1.95 million, Comoros €500,000, Angola €3 million, Eswatini €2.4 million, Mozambique €14.6 million, Namibia €2 million,  Lesotho €4.8 million, Madagascar €7.3 million, Malawi €7.1 million, Mauritius €250,000, Zambia €5 million …

The International Monetary Fund (IMF) Executive Board approved $7.6 million debt relief for Burundi due over the next three months.

The debt relief which is under the Catastrophe Containment and Relief Trust are due from July 21, 2020, to October 13, 2020. The International Monetary Fund will grant an additional debt relief covering the period from October 14, 2020, to April 13, 2022, which will be subject to availability of resources in the CCRT potentially bringing total relief to an equivalent of $24.97 million.

The debt relief will help free up resources for the needs of the public sector as well as other emergency spending and help ease the balance of payments shock posed by the pandemic.

Also Read: IMF boosts Kenya, Uganda virus fight with $1.23 billion

Burundi’s effects from the pandemic are through the evolving domestic outbreak and economic spillovers from the global and regional environment.

The 2020 …